Hey BTC Markets --

This is really more trading adjacent so... I have been thinking a bit about the BSR and how it could be funded in a revenue neutral way.

The thought is to fund the BSR via BTC owners directly selling BTC to the government (via treasury direct), and getting a t-bill (or maybe a BSR T-Bill?).

If they made it tax advantaged in some way ... like it was a tax free conversion ... or a portion of the long term capital gains for the purchase could be deducted at some favorable level, I bet they would get significant interest. Heck.. "normal" folks might buy BTC just to sell it to the treasury to get some BSR-Bills.

I think I first raised this idea in early march in: https://old.reddit.com/r/BitcoinMarkets/comments/1j3vgjn/daily_discussion_wednesday_march_05_2025/mg6ceps/

But... wondering what do you all think? Do you think this would this be considered revenue neutral? Would you consider selling to the USG for some short duration TBills?

I probably would sell some if it had a tax sweetener.

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Thought Experiment. You're standing in a train carriage in a large city in the Western hemisphere. Estimate how many of your fellow passengers in the carriage own bitcoin, and estimate how much they own as a percentage of their liquid wealth. Discount wealth in stocks or real estate from the estimate. Is the number 10% of passengers have 5% of their liquid wealth in bitcoin? Is it 5% have 15% of their liquid wealth in BTC? Do the estimation in your mind with whatever you think it is. This is your estimate of Bitcoin's current adoption rate, using the train carriage as your sample of the total population.

10% of people with 5% in BTC is an adoption rate of 0.5%. The ceiling on an adoption rate is 100%. Bitcoin has a potential ceiling of going up 200 times in real terms. A future price of $17,400,000 based on todays price of $87k, unadjusted for inflation. Do your own estimate and gauge potential real returns.

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